November 7, 2018 11:16 AM

What would inspire someone to pay a record-breaking $22.75 million for a five-bedroom penthouse in Quay Tower?

As reported by Brownstoner.

Location, views and amenities make for an enviable living experience, and Quay Tower — the newest property in Brooklyn Bridge Park, with 126 residences and an expected opening date of summer 2019 — has all three of these features in abundance.

First, the 30-floor tower, designed by architect Eran Chen of ODA New York, couldn’t be any closer to the Brooklyn Heights waterfront: Located at 50 Bridge Park Drive, it has commanding views of the city and New York Harbor.

These postcard views are echoed in the interior design by Marmol Radziner, the AD100 firm that designed open floor plans using natural materials like oak, travertine and bronze.  The two- to five-bedroom residences start at $1.95 million. more “River Views, Rooftop Living, and a Record-Breaking Penthouse Sale in Brooklyn Bridge Park Condos” …

Buying in Brooklyn can seem a challenge almost as complex as the borough itself is diverse: Whether first-time buyers or present homeowners, looking for a condo, co-op or house can be baffling in the face of the range of neighborhoods, price points and available properties.

“Buying in Brooklyn” is a multifaceted panel discussion developed to answer some of the most pertinent questions home hunters have about buying in one of the country’s most desirable urban communities.

Stribling brokers Dena Driver, Jackie Gill and Julie Greenspon will be joined by First Family Funding mortgage broker Melissa L. Cohn and financial planner Gina Stormont from Stormont Financial Planning Group for an informative and informal evening of questions and answers.

The panel will touch on issues such as affordability, the process and related steps necessary in buying a home, the definition of a buyer’s broker, potential challenges posed by new tax laws and how to address them, and the ins and outs of making an offer. Snacks and drinks will be served throughout the evening.

The event takes place from 5:30 to 7:30 p.m. on Thursday, October 25 at the Stribling offices at 386 Atlantic Avenue in Brooklyn. Brownstoner is a media sponsor.

Tickets are $10, and the event is free to the first 50 people to register. Please register with your full name and e-mail address. To reserve your place, go here.

Can’t make it October 25? Email the panel team at BuyinginBrooklyn@stribling.com to set up a one-on-one meeting.

111 W. 57th St.

The highly anticipated 111 W. 57th St. condo, on Billionaire’s Row, launched sales last week, with prices from $18 million to over $57 million. It ends a rocky few years for the under-construction luxury project, including lawsuits accusing developers JDS and Property Markets Group (PMG) of diluting the stake of an equity partner, and infighting that disrupted a previous sales effort. At a launch event, developers distanced the tower, which has made headlines for its slender silhouette, from the drama.

JDS, PMG and Spruce Capital Partners — along with SHoP Architects and William Sofield’s Studio Sofield — at last presented a model of the 1,428-foot tower rising above landmarked Steinway Hall. There will be 46 full-floor and duplex homes; interiors feature great rooms with 14-foot ceilings, marbled bathrooms and floor-to-ceiling windows. Building amenities include a lap pool with cabanas, a private dining room and a triple-height gym.

Contact: Douglas Elliman Development Marketing, 212-935-5757

1010 Park Ave.

Renowned architecture firm Beyer Blinder Belle, known for restoring classic NYC landmarks, has applied its craft to a new condo next to the historic Park Avenue Christian Church with 11 full-floor and duplex residences. Extell is behind the development, expected to launch sales later this fall, with prices starting at $12.95 million and a penthouse duplex promising a whopping price tag.

Lavish amenities include a 50-foot indoor pool, a fitness center with a teak sauna and changing rooms, a screening room and a circus-themed children’s playroom.

Contact: Extell Marketing Group, 212-583-1010

One Sixteen

Rockaway Beach — a longstanding community that has become a popular summer day trip — is getting new condos. The 86-unit ground-up project at 133 Beach 116th St. kicked off sales with prices from $350,000 for one-beds and from $630,000 for two-beds.

Developed by the Marcal Group and designed by Fischer+Makooi, One Sixteen has white oak floors and stainless-steel appliances.

Contact: Compass Development, 646-609-9878

264 Webster Ave.

The quiet Brooklyn neighborhood of Kensington, a narrow swath south of Prospect Park and Green-Wood Cemetery between Ditmas Park and Borough Park, is getting a new arrival in the form of 264 Webster, a 63-unit condo. The brick-and-glass building, developed by Horizon Group and designed by Kutnicki Bernstein Architects, is the largest for-sale residential project to open in the neighborhood in several years. Interiors of the studios, one-, two- and three-bedrooms were handled by Brittany Marom Interior Design, though details on finishes have yet to be released.

When sales launch in October, expect pricing to range from $325,000 to $920,000. An amenities suite will include a part-time attended lobby, a library, a residents’ lounge, a playroom, a gym, a pet spa, parking, storage and a roof deck where residents can both grill and hang out.

Contact: Halstead Property Development Marketing, 718-878-1782

Bridgeline

The arrival of new development in the Bronx continues with Bridgeline, a 91-unit rental building from JCAL Development Group. Studio, one- and two-bedroom units will be priced between $1,694 and $3,138 a month. Leasing is expected to launch later this month for the project at 329 E. 132nd St. in Mott Haven, a waterfront enclave with a mix of industrial and residential properties that’s been increasingly eyed for ground-up projects. Unlike other additions to the area, this one won’t include an affordable housing component.

Bridgeline will tout a 24/7 attended lobby, a furnished roof deck with city views, a residents’ lounge, a fitness center, outdoor parking and bike storage. Apartments, designed by Aufgang Architects, feature airy interiors with floor-to-ceiling windows, plus in-unit washers and dryers.

Contact: Citi Habitats New Developments, 212-685-7777

Tangram House West

Flushing’s mixed-use Tangram development — which will include a 207-key hotel, a food hall, a beer garden and offices — is finally coming together. Now, the 13-story, 130-plus-unit condo Tangram House West is prepping for a late-fall sales launch. Half of the homes will have views of the city skyline, while the other half will face east with views of the development’s courtyard. All will have in-unit washer/dryers. (Pricing isn’t yet available.)

Building amenities include valet parking, a 24-hour doorman and concierge, a 60-foot indoor lap pool, an outdoor tennis court and a 3,800-square-foot pavilion with lounge space.

Contact: Fultonex Realty, 718-509-0588

555 West End Ave.

This 1908 landmarked private school on the Upper West Side is soon to begin its next life as a luxurious 13-unit condo. Developer and architect Tamarkin Co. finagled the building’s unique interior into spacious apartments with some quirks: There’s a unit called The Library, born from the school’s actual library.

Ceiling heights are so impressive that Tamarkin custom-designed library ladders for the kitchens to enable residents to reach the top cabinets.

The 13 residences range from three to five bedrooms, with no more than two apartments per floor. The sales launch is expected for later this month, with prices starting at $7.9 million. As for amenities, they’re on par with any classic Upper West Side residential building: a 24-hour doorman, a fitness center, a rec room, a stroller valet, private individual storage rooms, and additional cold storage and bike storage.

Contact: Sotheby’s International Realty and Stribling & Associates, 212-316-0555

ML House

Want a rental apartment on a park block without schlepping uptown? The fall-launching ML House at 1050 Sixth Ave. is the only new luxury rental building to rise overlooking Bryant Park.

Skyline Developers is joining forces with architect Gene Kaufman for the 62-unit project, which ranges from studios to two-bedrooms. Pricing will start at roughly $3,500 monthly for a studio.

ML also has an indoor lounge, a fitness studio and an outdoor terrace.

Contact: Citi Habitats New Developments, 646-484-7808

One Clinton

Developed by Hudson Companies, this tower is about to debut on the site of the old Brooklyn Heights Brooklyn Public Library branch. Its 36 stories hold 133 condos — from one-beds up through five-bedroom penthouses — with prices starting at $1.08 million.

Marvel Architects designed the limestone facade inspired by area brownstone neighborhoods.

StudioDB designed apartment interiors with white oak flooring and large windows.

A retail space will feature rotating food vendors curated by Smorgasburg. One Clinton will also, of course, house a state-of-the-art library branch.

Contact: The Corcoran Group, 718-923-8034

25 Park Row

In the typical New York way, a long-standing icon is being replaced by a condo. The Financial District’s popular J&R Music World, which closed in 2014 after decades in business, is giving way to the 110-unit 25 Park Row. L+M Development Partners, along with J&R owners Joe and Rachelle Friedman, teamed up for this project, which ranges from one- to five-bedrooms.

It launches sales this fall, and pricing begins at an estimated $1.65 million. Every home has views overlooking City Hall Park. Amenities include a 65-foot swimming pool, a landscaped dining terrace and on-site parking.

As reported by nycgo.com

Fall is bursting with events for everyone—culture buffs, sports fans, foodies, families, music lovers and those who simply can’t wait for the holiday season. Enjoy the return of annual favorites like the BAM Next Wave Festival, the Met Opera’s newest season, the Food Network NYC Wine & Food Festival and the Village Halloween Parade. Later in the season, take in holiday celebrations like the Holiday Train Show at the New York Botanical Garden, The Nutcracker performed by the New York City Ballet and the lighting of the Rockefeller Center Christmas tree. Must-see exhibitions this season include an Andy Warhol retrospective at the Whitney, a look at the magic of Harry Potter by the New-York Historical Society and Pink: The History of a Punk, Pretty, Powerful Color at the Museum of FIT. For details on these and many other happenings, read on.

See List.

Taking care of your home isn’t just another item on the to-do list. It’s a way to protect your financial investment — one that will hopefully result in a bigger ROI when you decide to sell.

Although you might not have a yard or tons of square footage, your home can still benefit from some regular maintenance. Things like carefully chosen upgrades, thoughtful painting decisions and creating smart ownership habits will all help keep your home in top shape. These tips can help:

• Prevent problems. By acting ahead of time, you’ll hopefully avoid annoying and costly repairs. Some proactive measures you can take right now? Make sure you have pest services scheduled regularly. And keep an eye on your appliances. Outdated appliances are more likely to break and aren’t very energy-efficient.

• Get smart. Smart home technology doesn’t just add convenience to your home, but many times, it also reduces your energy and utility costs as well. This means savings for you — and a more marketable home years down the road.

• Maintain appearance. Don’t underestimate the importance of cleanliness and a welcoming vibe, especially in small spaces. A fresh coat of paint and regular decluttering will help make your day-to-day life and a future sale easier.

• Check seals. Windows can shift and loosen in their frames over the years, and that means lost air conditioning and higher energy bills. Have your windows inspected annually, and make sure any weatherstripping and caulking is in good condition. 

Consistent upkeep means big problems are less likely, and it usually pays off when it comes time to sell. Want more advice on caring for your home? Get in touch today.

Reported by Jonathan Miller’s Housing Notes: August 31, 2018  

I came across a New York Times piece that looked at price trends as indicative that there has been no real impact from the new federal tax law on the housing market. The Trump Tax Cuts Were Supposed to Depress Housing Prices. They Haven’t.

It was a rehash of a Ken Harney piece in the Washington Post on June 13th: The new tax law was supposed to cause a slump in housing values. It hasn’t materialized — yet.

Relying on price trends is the same flawed logic used during the housing bubble. Pick any market back then. Housing sales fell sharply eventually leading to a sharp drop in prices. Peak prices nationwide were seen in 2006 while peak sales were achieved a year earlier. I continue to be amazed at how this continues to be missed in economic circles.

Think of a seller anchored to a ridiculously high list price. It takes them 1-2 years to de-anchor and not feel like they haven’t left money on the table. What happens when a housing market is exposed to a federal new tax law overnight? The sellers continue to demand their price and a rising number of buyers opt not to pay it. In other words, sales decline first. This is exactly what is happening in high tax, high-cost states right now.

And it is true, the new federal tax law likely won’t have any real impact in 80% of U.S. markets because of their much lower housing prices, mortgage amounts. property taxes and SALT. The doubling of standard deductions made it irrelevant. But let’s not proclaim the same goes for the entire U.S. when without too much effort you can see the slowdown in real-time in high-cost markets. This article treated the national housing market as, well, a single market. The new federal tax law, as far as housing goes, was designed to have the most impact on high-cost housing markets such as those found on the west coast and the northeast and the reform aspect centered on reducing the amount of itemization.

We are seeing slowing sales in the northeast and west coast right now, 9 months after the law became effective. Price trends are not a reliable basis for the premise being suggested in this piece. Here’s how it goes:

• external impact (tax law)
• sales decline (yes)
• inventory rises (happening now in the U.S. including NE and West)
• prices slip (next)

In other words, 9 months is way too early to be calling for no impact. We can see it happening in NYC right now.

New lighting is one of the easiest ways to update your interior design FLOS has some inspiring lighting designs,  But you can find similar light fixtures at discounted sites like Overstock.com to help keep to a budget

Living rooms tend to be the biggest spaces in the home, and as such need the most diverse sources of lighting. Chandeliers, pendants, table lamps, and floor lamps all have their role to play in making them shine. See how top talents used FLOSlighting to craft beautiful living spaces and also how they made a smaller (but no less effective) design statement in chic studies.

Elias Associates devised a powerhouse living space that mixes the traditional and the hyper-modern, with FLOS’s 2097 Chandelier as the centerpiece.

Michele Safra Interiors used the iconic Arco floor lamp by Achille Castiglioni to illuminate this chic, neutral living space.

more “Living Rooms & Studies Feat. Inspiring FLOS Lighting” …

POSTED ON THU, AUGUST 9, 2018 BY CAIT ETHERINGTON

If you can’t bear the idea of living in the dorms for another year, you’re not alone. Unless you happen to go to Columbia where over 90 percent of students live on campus, there’s a high likelihood you’ll be searching for your own apartment at some point during your college years, just like 57 percent of students at NYU and 74 percent at The New School. And if you’re like most students, you’ll be looking for an apartment far from downtown that strikes the right balance between affordability, commutability, and access to services.

To help you make the smartest decision possible, 6sqft has compiled a list of affordable, student-friendly neighborhoods in Manhattan and Brooklyn. By New York City standards, all of these are both safe (e.g., reported fewer than 1.5447 crimes per 1000 people in June 2018) and within reach (e.g., on average, three-bedroom units can still be rented for less than $5,000 per month). Using July 2018 City Realty data on average neighborhood rents, we’ve broken down how much you’ll pay on average to live in a three-bedroom shared unit in each of these neighborhoods. We’ve also provided average commute times to both Union Square, which is easily walkable to NYU, The New School, and Cooper Union, and to the Columbia University campus.

Recommended Manhattan neighborhoods

Morningside Heights

Expect to pay: $1,433 for a room in a shared three-bedroom apartment

Average morning commutes: Union Square: 30 minutes; Columbia: 2 minutes

Pros: If you’re attending Columbia, you’re essentially still on campus; if not, you’re in a neighborhood with a lot of student-friendly services.

Cons: You won’t meet many New Yorkers since Morningside Heights is home to a high percentage of people just like you.

Broadway in Morningside Heights, via Wiki Commons

Morningside Heights, located north of the Upper West Side but south of Harlem and encompassing the Columbia University campus, is the largest student neighborhood in New York City. While not everything in Morningside Heights is owned by Columbia, many buildings, including much of the off-campus housing, is owned by the university. Reportedly, Columbia owns approximately 14.9 million square feet across 232 properties, most of it located in Morningside Heights. Whether you’re attending Columbia or not, however, there is no question that Morningside Heights has a lot to offer students, including relatively affordable rents, access to student-focused services, and decent MTA access. While not the safest neighborhood in the city, Morningside Heights also won’t raise any alarm bells with your parents—it has a relatively low crime rate of only 1.3735 crimes per 1000 residents.

Washington Heights

Expect to pay: $1,002 for a room in a shared three-bedroom apartment

Average morning commutes: Union Square: 35-40 minutes); Columbia: 16 minutes

Pros: You’ll be living in a diverse Upper Manhattan neighborhood and have access to some of the very best tacos in the city.

Cons: You’ll be part of the neighborhood’s ongoing gentrification.

Washington Heights, via Brian Godfrey/Flickr

A predominately Dominican community located above 179th Street, Washington Heights is a diverse, affordable, and relatively safe Manhattan neighborhood (notably, the crime rate that matches that found in the Morningside Heights neighborhood) with a lot to offer students. In fact, in June 2018, a New York Post headline declared “Washington Heights is the New Williamsburg.” Why? Apparently, more millennials now live in Washington Heights than any other city neighborhood with 10 percent of the population (50,103 residents) ages 20 to 34.

Still, the primary reason to move up to Washington Heights is affordability and the generous apartment sizes. While many other neighborhoods have been undergoing heavy gentrification for years, and in the process seen units remodeled, in Washington Heights, it’s often still possible to rent a three bedroom that actually comes with three real bedrooms (e.g., they are big enough to accommodate a bed and other furniture and come with a closet and window to the outdoor world), a separate living room, and separate kitchen. Once you move in, however, don’t miss out by spending all your time at home. Hone up on your Spanish and go out and explore.

Inwood

Expect to pay: $983 for a room in a shared three-bedroom apartment

Average morning commutes: Union Square: 45 minutes; Columbia: 25 minutes

Pros: The rents are affordable, most of the apartments are large, and you’re technically still in Manhattan.

Cons: Commuting downtown may be frustrating and don’t expect to find many espresso bars or yoga studios. The City Council just passed a controversial rezoning that many worry will threaten affordability.

Inwood Hill Park, via FDana/lickr.

Like its southern neighbor, Washington Heights, Inwood is affordable (a room in a shared three-bedroom unit is still less than $1,000 per month on average), home to generously sized apartments, and has a lot of great Latin American restaurants. Unlike Washington Heights, which has already started to be overrun with Millennials looking for great deals, Inwood remains a somewhat older and sleepier neighborhood. While the commute to downtown may be frustrating (to get to a class at NYU, Cooper Union or The New School, you’ll need to give yourself at least an hour), if you’re looking for affordability in Manhattan, you can’t go wrong.  As an added bonus, it is possible to cycle all the way from Inwood down to the West Village along a designated Greenway and if you’re truly sporty, you can even join the Inwood Canoe Club.

Roosevelt Island

Expect to pay: $1,658 for a room in a shared three-bedroom apartment

Average morning commutes: Union Square: 25 minutes; Columbia: 41 minutes

Pros: You’ll be living below 100th Street in Manhattan and get to ride the Roosevelt Island Tram every day.

Cons: It may be a bit weird to live on an island that was historically reserved for prisoners, quarantined smallpox patients, and the insane.

Aerial view of Roosevelt Island, via Schizoform/Flickr

If you’re new to New York City, you may have never even heard about Roosevelt Island, but in fact, there is an island in the middle of the East River and people do live there. There are two primary ways to get on to Roosevelt Island—the Roosevelt Island Tram, which tourists also like to ride just for fun, and the F train, which stops at Roosevelt Island Station and also happens to be the deepest MTA station (it’s located over 100 feet below ground level). While you technically can drive on to the island, few people do.

Once you get there, it’s also full of surprises. Despite the island’s history (for a taste of the island’s past, visit the ruins of the Smallpox Hospital), Roosevelt Island has a lot to offer. In addition to its somewhat affordable rents, since the recent opening of Cornell Tech, the island has started to attract a younger demographic and more student-focused services. While not for everyone, if you happen to be attending Cornell Tech or just want to live somewhere quiet and quirky in Manhattan, Roosevelt Island could be a neighborhood worth exploring.

Recommended Brooklyn neighborhoods

Bushwick

Expect to pay: $968 for a room in a shared three-bedroom apartment

Average morning commutes: Union Square: 35 minutes; Columbia: 1 hour

Pros: You’ll find affordable and relatively large apartments in a neighborhood with a lot of vintage clothing shops, cafes, and after-hours parties.

Cons: In April 2019, the L train is scheduled to be shut down for repairs so depending on your specific location in Bushwick, commuting is about to get a lot worse.

Bushwick, via Wally Gobetz/Flickr

If you think Bushwick is just a place where those who can’t afford Williamsburg now live, think again. As recently reported by the New York Times, in the 2016 election, several polling stations along Bedford Avenue just south of Division in Williamsburg voted predominately Republican. Combine this shocking news with the neighborhood’s soaring rents and flourishing condo culture and suddenly staying on the crowded L-train for a few more stops starts to sound like a great idea. What you’ll find in Bushwick are affordable apartments and lots of Millennial-focused services. Also, if you move to Bushwick now, when you’re old and boring and Bushwick is completely gentrified, you’ll be able to say to your kids, “I lived in Bushwick when it was still gritty and full of artists and musicians.”

Bed-Stuy

Expect to pay: $1,090 for a room in a shared three-bedroom apartment

Average morning commutes: Union Square: 40-50 minutes; Columbia: over 1 hour

Pros: You’ll discover a friendly neighborhood full of brownstones, many with their original features, including fireplaces, still intact.

Cons: Get prepared for a long commute, especially if you need to get uptown.

Bed-Stuy brownstones, via CityRealty

Bedford-Stuyvesant still has a somewhat marred reputation, largely based on its historically high crime rate. Over the past two decades, however, the neighborhood has undergone many changes—violent crime fell by 44 percent between 2000 and 2016 and during the same period, the number of local businesses increased by 73 percent, making it the fourth-fastest-growing business district in the city. If you choose to live in Bed-Stuy, you’ll be choosing to live a racially and economically diverse neighborhood with a lot of beautiful but not necessarily already meticulously restored brownstones, and access to affordable groceries and services. In terms of subway access, the 1,2,3, L, and C lines all run through the neighborhood.

Crown Heights

Expect to pay: $1,099 for a room in a shared three-bedroom apartment

Average morning commutes: Union Square: 35 minutes; Columbia: 1 hour

Pros: You’ll be living in an affordable neighborhood with the city’s best Caribbean cuisine (yes, you’ll soon be skipping Miss Lily’s on Houston and frequenting Gloria’s on Nostrand Avenue instead).

Cons: Prepare for a long commute to any Manhattan campus.

Crown Heights, via CityRealty

Crown Heights was once a middle-class and predominantly Jewish neighborhood. By the 1960s, the demographics of the community had started to shift, with many long-time residents moving out to the suburbs and a new predominately West Indian immigrant community moving in. Today, Crown Heights remains a diverse neighborhood with a high stock of affordable rental units in brownstones and pre-war apartment buildings.  If you live in Crown Heights, get ready to eat some of the city’s best West Indian food and get ready to meet your neighbors. In the summer, it is common for families to drag their lawn chairs, sound systems, and barbeques out on to the sidewalk for spontaneous parties.

Greenpoint

Expect to pay: $1,418 for a room in a shared three-bedroom apartment

Average morning commutes: Union Square: 35-40 minutes; Columbia: 1 hour

Pros: You’ll discover a fun neighborhood known for its live-work artist buildings, Polish delis, donut shop, and futuristic-looking sewage treatment plant.

Cons: The neighborhood is extremely close to Manhattan but not on any major subway lines, which makes commuting surprisingly onerous.

Greenpoint waterfront, via CityRealty

If you grew up in a small town, Greenpoint might look a bit familiar. Notwithstanding the new condos, most of the neighborhood is comprised of two-story buildings covered in vinyl siding. While a few apartments still have original features, many suffered unfortunate renovations in the 1950s to 1980s, which can leave one feeling like they’re living in a neglected suburb. Greenpoint is also one of the city’s most toxic neighborhood and not because it’s home to a huge sewage treatment plant. From the 1950s to 1970s, several local oil refiners leaked millions of gallons of oil into the local water system.

So, why move to Greenpoint? By and large, it remains an affordable neighborhood and one close to the East Village and most other downtown neighborhoods. If you ride a bike, expect your commute to most downtown campuses to run between 25 and 30 minutes. It’s also home to a lot of great coffee shops and bars and more essential amenities such as grocery stores and laundromats. Finally, if you grew up watching Lena Dunham’s “Girls,” this is where the show was set—according to Dunham, her characters were living on Greenpoint’s India Street.

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